Is this the End for Zcash? [Full Breakdown]

**Ran** (0:01)
I want to talk about the Zcash happenings in the last 24 hours. And if you haven't noticed yet what's going on with Zcash, that's the price chart of Zcash in the last 24 hours. And in the show, I'm going to talk to you about exactly what happened. So it wasn't a protocol hack. Actually, what it is, it's a potential protocol hack that may have actually destroyed Zcash. Now, why do I say destroyed Zcash? After the show, you're going to have to make a call if whether you believe that after everything you've heard, that Zcash could still be the de facto privacy protocol in the crypto landscape. I'm going to show you in the show exactly what happened, exactly why the chart went down. I'm going to explain it to you in layman's terms because it is a very complicated concept about what happened. And afterwards, we can make some decisions together as to whether this has destroyed Zcash forever or whether Zcash can actually recover from this. So an unscheduled show and not one that we normally do, but this is the biggest privacy coin in crypto. And I think when something like this happens, we do have to take some time and talk about what's happening. So I'm going to try and take something that's relatively complicated, I'm going to try and dumb it down for all of us that we can actually understand it in non-technical terms. Because I know that a lot of people are in Zcash. I'm invested in Zcash. I know a lot of the community is invested in Zcash. And the price of Zcash has gone from an all time high of just under $700,000 to just over $318, which is almost 50%.
So that's what we're going to be doing in the show today. It's not our normal show, but let's get into it.
Welcome back, guys. For those of you who are new to the channel, this is the Crypto Insider channel. We usually do more institutional-type content on this channel. Today, we're going to be covering the Zcash potential exploit, or maybe it has been exploited. We'll talk about that already. If you're new to the channel, subscribe to the channel. This is where we do more institutional-grade content. So it's not the hype, and it's not calls, and not stuff like that. It's just more talking about the protocols. And given that Zcash is one of the biggest, if not the biggest, privacy protocol in crypto, I think it's worth talking about what just happened to the chart and why the chart looks like that. I'm not gonna waste any more time and actually get straight into it. First of all, if you don't know what Zcash is, Zcash is private money. So just like Bitcoin is money, Zcash is a copy of Bitcoin that works on the same principles of proof of work mining of 21 million coins only ever being mined. The only thing is that Zcash allows for what they call private transactions. And the reason why we need private transactions in crypto is not only because to avoid illicit activities, but because privacy is actually just a basic human right. And if we're going to get users into crypto, and every single time that these users use crypto, the entire financial history is going to be displayed to the barista who they just paid for coffee from, that's not going to work. So if you want privacy to work in crypto, or if you want crypto to work, we need to have a private option in crypto. Think about the big American institutions. Think about a fund. If a fund wants to pay another fund or to take a position in a certain token or project or whatever else, they don't want their information public on the blockchain for all their competitors to see exactly what they've been doing. And so you need privacy in crypto. Privacy is not just about illicit transactions, not about doing drug deals. It's just about doing deals and having your right to privacy. Now, Zcash is a privacy protocol. As I mentioned to you, it's built around the Bitcoin proof of work algorithm, which means that there will be 21 million coins. The coins are mined in blocks. The only difference between, or one of the differences, the main difference between Zcash and Bitcoin, is that Zcash allow you to make some transactions private. And that's what makes Zcash compliance privacy. When I say compliant privacy, I mean, with Zcash, not all of your transactions need to be private, but only the ones that you want to be private may be private. And you can always prove those transactions using what they call a Zcash proof.